Income Tax Return: For the year 2020-21, the Income Tax Department has notified the IT return form. Keeping in mind the convenience of taxpayers, the department has not changed it much this time. Due to the amendments in the Income Tax Act 1961, some important changes have been made. However, this time too, taxpayers will have the option to choose old and new tax slabs. CBDT has issued this information for taxpayers. The new ITR form can be downloaded by going to the link http://egazette.nic.in/WriteReadData/2021/226336.pdf. Here you will also have the option to adopt NEW TAX REGIME.
How to choose ITR form
1. For those whose income is from business or profession, ITR-3 form is more mentioned above.
2. The option of ITR-2 form will be better for the person or joint family whose income is not from business or profession.
3. The IYTR-5 form is true for small partnership firms, LLPs, other than large companies.
4. Political parties, trusts and charitable institutions that claim tax exemption can fill the ITR-5 form.
5. Larger companies can fill the ITR-6 form.
The easiest ITR-1 and ITR-4 forms are
These forms are used by a large number of small and middle class taxpayers. Those taxpayers fill this form, whose annual earnings are up to Rs 50 lakhs. These people earn money through a house or interest. These are known as Sahaj Forms. Apart from this, the facilitated forms are for those undivided families, whose income is from a business or profession.
Refund of over 2.30 crore taxpayers issued
The government has issued a refund of Rs 2.62 crore for the year 2021-21. This refund is from 1 April 2020 to 31 March 2020. The government has issued a refund of 87 thousand 749 crore rupees to 2.34 crore taxpayers and 1.74 lakh crore rupees for companies.
